World Business Briefing | Europe: Ireland: Telecom Bids

Two of Ireland's most powerful businessmen, Sir Anthony O'Reilly and Denis O'Brien, raised their competing bids for the former state telephone company, Eircom. Mr. O'Brien's eIsland consortium raised its per-share offer to 1.29 euros ($1.10) in cash, valuing Eircom at 2.84 billion euros ($2.42 billion), and allowing shareholders to opt for 1.24 euros and a warrant for a share in future earnings. Sir Anthony's Valentia Consortium, which is also backed by the financier George Soros, offered 1.22 euros earlier this week but declined to provide details of its latest bid. Kohlberg Kravis Roberts and Blackstone Communications Partners have also expressed interest in acquiring Eircom, which says it has 80 percent of Ireland's fixed-line market. The company reported a 10 percent increase in revenue, to 2.16 billion euros in the year to March 31. Profit, however, fell 43 percent over the period because of increased competition, to 187 million euros. Brian Lavery (NYT)